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ALGO Price Analysis: Wicks touching its 200 DMA

ALGO Price
  • The token has 24 hours trading volume of 101,328,027 and the gain of 27.30% was seen.
  • The pattern of Engulfing bearish has been formed one hour ago.
  • The token has the percentage gain of 2.46% since yesterday’s open and RSI oscillator shows the SELL action.
Tradingview

The token has been running well behind its 200 days moving average but above its 50 DMA. The chart above shows the movement of the token with respect to SMA-20, SMA-50 and SMA-200. Along with it RSI oscillator is also present. RSI for the last 5 hours shows the value of 46.557 and marks the neutral action. MA-5 shows the sell action but MA-10 shows the buy action whereas. MA-20 shows the sell action. MA-50 shows the same sell action. Bull/Bear power of the token is 0.0008 and marks the buy action. The high/low shows the neutral action.

The IOTX-BTC pair is trailing at the level of 0.00002685 and the gain by 0.66% was seen whereas the IOTX-ETH pair is trailing at the level of 0.0004194 and the gain by 3.82% was seen in the last 24 hours.

The volume/market cap of the token is 0.0365 and its market dominance is 0.20%. The 24 hours high and low of the token is 0.9304 and 0.856 respectively.

SMA-20 is below SMA-200 but above SMA-50. On average, the token has provided a return of 10% in the month of June. 

Conclusion: The day’s range of the token is 0.8570-0.9337 and presently is at 0.8908. The token is in the upward direction and marks an uptrend in the market. The token has been forming higher high and lower lows now and if you have attained decent returns then sell the coin. If you wish to buy the token then wait for some time and then go to buy. The candles are forming higher and their wicks are high enough to reach SMA-200. 

Technical Instruments:

Pivot: 0.9045

R-1: 0.9154

R-2: 0.9222

S-1: 0.8936

S-2: 0.8868

(Note- The unit is USD)